Provectus Pharmaceuticals has already concluded Phase 1 clinical trials, and preliminary analysis of the results show that PV-10 should have a role in the treatment of tumors of the liver.

Currently, Provectus is designing a Phase 2 study for the drug.

Provectus CEO Craig Dees said that they believe PV-10 will be a safe and effective treatment for many different types of cancers.

"Orphan drug designation for liver cancer will provide us market exclusivity, as well as financial and regulatory benefits, provided that the trials are completed successfully and the treatment receives FDA approval," Dees said.